Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Oct 2018
Case Brief
In this release, the Reserve Bank of India cancelled the Certificate of Registration of 31 companies under Section 45-IA(6) of the RBI Act, 1934. The order covers the listed firms, including entities such as Vishwajeet Financiers Ltd., Pankaj Investments Ltd., and others across several states. Following cancellation, these companies are prohibited from transacting business as non-banking financial institutions under the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of 31 companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The companies listed in the release are therefore no longer permitted to carry on the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
All 31 named companies lose their RBI registration and must stop carrying on NBFC business. Customers, counterparties, and other stakeholders should not treat them as authorised non-banking financial institutions going forward. The restriction is effective from the respective cancellation dates listed in the release.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 30 Jun 2018
- Entities Affected
- 31
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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